Soybeans
US soybean futures fell to 13-month lows as the market was caught in the tailwinds of a broad-based risk-off trading environment. Fear of a global economic slowdown amid worries about European sovereign debt and the failure of the US supercommittee to reach agreement on a plan to help reduce the federal deficit encouraged traders to reduce risk exposure. Technical selling accelerated the declines, with selling gathering momentum after prices dipped below last week's lows. CBOT January soybeans end down 2 1/4c at $11.48/bushel.
Soybean Meal/Oil
Soy product futures dropped in unison with soybeans, falling on global economic jitters. Broader-based losses across asset classes spurred sellers, as traders worry about slowed economic growth, analysts say. CBOT Dec soymeal dropped $8.80 to $289.60/short ton, and Dec soyoil ended down 0.99c at 49.89 cents/pound.
Palm drops from 5-month top on gloomy global outlook
KUALA LUMPUR, Nov 21 (Reuters) - Malaysian palm oil dropped from a five-month high hit last week on concerns buying was overdone, while the euro zone debt crisis and an apparent failure by the U.S. politicians to agree on a deficit reduction plan also hurt sentiment.
"The market is divided between potentially bullish fundamentals and the overwhelming global economic scenario. But there is some profit-taking today as the market has been overdone," said a trader with a foreign commodities brokerage.
China state soy imports anger commercial buyers -paper
BEIJING, Nov 21 (Reuters) - Chinese government purchases of soybean for state reserves, which have pushed up Chicago Board of Trade (CBOT) prices , have angered some commercial buyers in the world's largest soy importer, according to a media report.
Sinograin, which manages state reserves, has since October purchased twice from United States, buying about 1.2 million tonnes. Its latest purchases pushed up CBOT prices 2 percent on November 16.
Argentine soy planting makes fast progress -Gov't
BUENOS AIRES, Nov 18 (Reuters) - Sowing of Argentina's 2011/12 soy advanced at a fast clip over the last week thanks to good soil moisture in the country's main farm areas, the government said in a report on Friday.
Farmers have planted 44 percent of the record 19 million hectares forecasted for soy this season, according to the government's weekly crop progress report. Planting advanced by 14 percentage points in the week through Thursday, outstripping last season's tempo by 2 percentage points.
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